David Yassky Creates Information Package for Small Businesses

Councilmember David Yassky of the NYC City Council has created an informational brochure to help small businesses best take advantage of the federal stimulus package. Of particular use to Pitkin Avenue businesses are:

The expansion of the Work Opportunity Tax Credit
(WOTC) to include two new targeted groups - unemployed
veterans and young people between 16 and 25 who haven’t
been employed or attended school in the past six months. If
your small business hires such individuals in 2009 and 2010,
you can qualify for a $2,400 tax credit per worker.


Small Business Estimated Taxes
Your business may be able to make estimated tax payments
equal to only 90% of your preceding tax year liability, instead of
the usual 100%. To qualify, you must have a gross income of
less than $500,000, and more than 50% of your gross income
must come from a small business source. Go to www.irs.gov
to see if you qualify!


Carry Back of Net Operating Losses
If your small business makes less than $15 million a year, you
are eligible to carry back your 2008 net operating losses to five
years prior to the loss. Under previous law, net operating
losses (NOLs) could only be carried back to the two taxable
years before the year that the loss arises. If you have already
submitted your taxes for 2008, you may amend for this credit
until April 17, 2009. For more information on this tax
incentive, go to www.irs.gov.

The full report is posted on our website, www.pitkinbid.org, and on David Yassky's website.

If you think you may be eligible and need assistance, please contact the BID office for more information.

Much thanks to Councilmember Yassky for putting this together!